4.  The applicant is a Ukrainian joint venture based in Kyiv, with legal personality under Ukrainian law.
5.  In June 1995 the Governor of the Tyumen Region of the Russian Federation submitted a proposal to the President of Ukraine to co-fund a joint venture for strengthening and further improvement of trade links between Ukraine and the Tyumen Region. The Governor also suggested that Ukraine should transfer title to a building in Kyiv to the future company, so that it could be used as its head office.
6.  In September 1995 the applicant company was founded by six companies, including the Ukrresursy State Enterprise.
7.  On 20 August 1996 the applicant's articles of association were amended, the number of co-founders having increased to seven entities, including the Ukrresursy State Enterprise and the State Property Fund of Ukraine (“the Fund”). The Fund was stated to be acting on behalf of the Ukranaftoprodukt State Enterprise (“Ukranaftoprodukt”). Each founder was declared to hold 14.28% of the applicant's share capital. While six companies were to pay equal amounts of money for their shares (USD 71,542[1]), the Fund undertook to transfer to the applicant company a title to the building valued at USD 71,542[2], and belonging, as was stated in the articles of association, to Ukranaftoprodukt.
8.  On 30 August 1996 Ukranaftoprodukt, acting on the Fund's instructions, transferred title to an administrative building in Kyiv to the applicant. Ukranaftoprodukt continued to use the building as its premises.
9.  According to the applicant's amended articles of association, it was established mainly for the purposes of obtaining profit for the shareholders and for the creation of an infrastructure for the cooperation between Ukrainian and Tyumen companies pursuant to intergovernmental decisions aiming at improving effectiveness of business links and implementation of joint programmes, such as the sale of oil, gas, wood, agricultural products; legal advice; organisation of exhibitions; other commercial activities necessary for achieving the goals of the company. The applicant company enjoyed all the rights of a separate legal entity. The applicant's shareholders were entitled to take part in its management, to receive a part of its profit, to be informed about its activities etc. The property of the applicant company consisted of the objects and money transferred to its share capital by the shareholders, as well as the funds received by the applicant from other sources. The shareholders did not enjoy separate rights over the objects transferred to the applicant as their contributions.
10.  In October 1998 the Kyiv City State Administration (“the City Administration”) instituted proceedings in the Higher Arbitration Court of Ukraine against the Fund, Ukrnaftoprodukt and the applicant company, seeking recovery of title to the building, claiming that it owned the building and alleging that the title to the latter had been transferred to the applicant ultra vires.
11.  On 29 December 1998 the court invalidated the transfer of 30 August 1996 and ordered Ukrnaftoprodukt to give the building back to the City Administration. The court found that that the building belonged to the Kyiv City Administration and that the Ukrnaftoprodukt had not been entitled to transfer it to the applicant.
12.  Ukranaftoprodukt lodged a request for review of the decision of 29 December 1998 with the panel of the Higher Arbitration Court for the review of judgments, rulings and resolutions (the “Review Panel”).
13.  On 11 March 1999 the Review Panel quashed the judgment of 29 December 1998 and rejected the claim of the City Administration. The panel held that the claim had been lodged out of time and that there was no evidence that the City Administration was the lawful owner of the building.
14.  On 24 March 2000 the Presidium of the Higher Arbitration Court rejected the request for supervisory review (the “protest”) of the resolution of 11 March 1999, lodged by the President of that court, as unsubstantiated.
15.  On 24 January 2001 the Prosecutor General of Ukraine, following the City Administration's request, lodged a protest with the Plenary Higher Arbitration Court (the “Plenary Court”), seeking supervisory review proceedings in the case. On 15 February 2001 the Plenary Court, in the presence of the representatives of the General Prosecutor's office, allowed the protest, quashed the resolutions of 11 March 1999 and 24 March 2000, and upheld the judgment of 29 December 1998. In its decision, the court summarised the Prosecutor General's arguments and found them substantiated. No other reasons were given for its decision. The parties were not invited to participate in the hearing before the Plenary Court. The applicant's comments on the protest of the Prosecutor General were not examined by the Plenary Court.
16.  According to the applicant, on 2 November 2001 its articles of association were amended to the effect that the Ukrainian authorities were no longer a shareholder.
17.  The Government contended that the State remained one of the founders of the applicant company and, hence, the owner of 28.56% of its share capital.